On November 6-7, KPMG in Azerbaijan took part at the IV International Banking Forum “Cashless Economy: Toward Sustainable Banking”.
On November 6-7, KPMG in Azerbaijan took part at the IV International Banking Forum “Cashless Economy: Toward Sustainable Banking”, supported by Azerbaijan Banks Association (ABA), Central Bank of the Republic of Azerbaijan, Financial Markets Supervision Authority of the Republic of Azerbaijan and Center for Analysis of Economic Reforms and Communication.
The purpose of the Forum was to study best practices of the adaptation of the banking system to the new development period, issues of strengthening of financial sustainability, achievements made in the improvement of the banking system, directions of the expansion of non-cash payments, discussion regarding the improvement of compliance in banks, directions of improvement of the legal basis of the development of the banking system, innovations in the banking system.
KPMG experts participated in the “Regulation of Cashless and Digital Economy” panel and shared their relevant experience with the audience.
Farid Isayev, Director-Head of Tax and Legal, delivered presentation on “Cashless payments: instrument for tackling shadow economy and driver for the development of banking sector”. Farid provided comparative analysis of measures adopted in Azerbaijan and international best practices, while also outlined his proposals on the subject matter.
Alikhayyam Guluzade, Information Risk Manager, presented “The role of Regulatory Technology in digital age: risks and opportunities”, covering topics of RegTech evolution, global RegTech industry - current status and future vision, key solutions in the market – RegTech elements, role of RegTech in financial industries – risks and benefits.
More than 300 delegates, including senior management of regulatory and supervisory authorities on finance and economy, representatives of commercial banks and international financial institutions, heads of business and international organizations attended the Forum.
The Forum, which has become traditional, serves as an important platform for discussing the initiatives and challenges of making the economy cashless, current situation, new and upcoming trends in digitalization, financial technologies, modern banking products, innovations and risks in modern compliance, judicial compatibility and adaptation of the aforementioned to present judicial system, and impact of these processes on strengthening financial sustainability of banks, and other relevant subjects.
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